Property prices will be significantly affected by new directives to be introduced across the EU with more energy efficient homes rising in value, a conference in Dublin was told today.
Addressing the Greenhouse Sessions, focusing on energy efficiency and the residential sector, the chief executive of the Irish Auctioneers and Valuers Institute (IAVI), Alan Cooke said most estate agents believed the value of residential properties with good energy rating levels would rise.
The editor of Construct IrelandJeff Colley agreed and emphasised the need for compliance with the directive claiming that a good energy rating could be "the difference between selling a property or not".
According to the Energy Performance of Buildings Directive, due to come into effect in 2009, both new and existing buildings will be required by law to have an energy rating certificate. Certificates will cost €300 per property.
Speaking at the conference this morning, natural resources minister, Noel Dempsey, stressed the importance of the Directive and said that the Republic needed a single comprehensive energy policy to draw "all the policy strands into a coherent whole".
He drew attention to the Government's recent Green Paper Towards a Sustainable Energy Future for Irelandat the conference on energy efficiency.
He said that the paper set ambitious energy efficiency and renewable energy targets including a 30 per cent aim of electricity consumed to come from renewable sources by 2020 and referred to the Government's Greener Homes scheme which by its final year is expected to displace 8.6m litres of oil per annum, almost 1 per cent of the heating consumed in the domestic market in 2004.
The conference was hosted by the Irish Property Owners Association.